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Manila Bulletin devider Business devider Philippines pushes for climate funding boost amid recent typhoons

Philippines pushes for climate funding boost amid recent typhoons

Published Nov 18, 2024 06:13 am

The Philippines is calling for increased climate financing for vulnerable nations at the 29th Conference of the Parties (COP29) in Baku, Azerbaijan, following recent typhoons that hit the country.

Department of Finance (DOF) Undersecretary Maria Luwalhati Dorotan-Tiuseco stated during the ministerial dialogue on climate finance that COP29 offers a crucial opportunity to strengthen the global funds used to fight climate change.

For many vulnerable countries, this support is “a matter of life and death,” Dorotan-Tiuseco added.

“That is why here at COP29, the Philippines is aggressively pushing for bold actions and sustained, increased financing once and for all for countries that are perpetually on the frontlines of catastrophic typhoons,” Dorotan-Tiuseco stressed.

On DOF’s part, Dorotan-Tiuseco said they remain committed to using all fiscal and financial tools to strengthen disaster resilience and protect Filipinos from climate-related economic impacts.

Following Typhoon Pepito—the sixth typhoon to strike the Philippines in less than a month—the DOF has been urging rich nations to provide $1.3 trillion (around P76.34 trillion) annually for climate adaptation, mitigation, and recovery in vulnerable countries.

Further, the DOF delegation is also pushing to remove barriers to climate finance, such as high capital costs, currency risks, and debt burdens, which increase investment risks for vulnerable countries.

“To improve access, the Philippines is calling for streamlined, transparent, and equitable financing processes that simplify policy implementation, tracking, and verification,” the DOF said in a statement, on Nov. 18.

It also stated that countries least responsible for climate change are “bearing its heaviest costs” thus demanding further that those most accountable must address this imbalance.

COP 29 is taking place from Nov. 11 to 22, mainly focusing on mobilizing finance. This year’s conference centers on the urgent need for trillions in funding to cut greenhouse gas emissions and protect lives from climate change impacts.

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Finance Undersecretary Department of Finance (DOF) Maria Luwalhati C. Dorotan-Tiuseco
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